Lån & Spar Bank A/S (LASP.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+547.2%

DKK 8,801.73

vs DKK 1,360.00 price

Levered DCF

DKK 12,180.96

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.72

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.28×	5.16×	4.82×	10.98×	10.67×	11.04×	8.83×	8.8×
P/B	1.28×	0.73×	0.8×	0.92×	0.96×	0.82×	0.81×	0.69×
P/S	2.4×	1.12×	1.21×	1.96×	2.15×	1.76×	1.56×	1.33×
EV / EBITDA	-14.21×	-17.35×	-13.28×	-32.07×	-24.53×	-21.3×	-23.79×	-19.87×
Gross margin	83.5%	76.4%	82.1%	95.2%	97.0%	93.2%	88.9%	84.8%
Operating margin	27.8%	28.9%	33.4%	22.2%	25.4%	20.3%	22.4%	19.0%
Net margin	21.3%	21.6%	25.1%	17.8%	20.1%	16.0%	17.7%	15.2%
Current ratio	0.42×	0.49×	0.44×	0.5×	0.43×	0.3×	0.35×	17.79×
Debt / equity	0.35×	0.35×	0.31×	0.27×	0.18×	0.1×	0.1×	0.06×
Interest coverage	1.68×	1.23×	1.86×	4.58×	8.59×	3×	2.01×	1.25×
Dividend yield	1.5%	2.9%	1.5%	1.6%	1.3%	2.0%	2.2%	2.2%
Payout ratio	16.9%	14.9%	7.3%	17.0%	13.7%	22.6%	19.7%	19.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	14.2%	16.6%	8.4%	9.0%	7.4%	9.1%	7.9%
Return on invested capital	7.8%	9.8%	11.3%	6.1%	6.9%	5.8%	7.3%	1.8%
Return on assets	1.0%	1.3%	1.4%	0.7%	0.7%	0.6%	0.7%	0.6%
Free cash flow yield	-13.2%	102.2%	-24.3%	109.2%	142.1%	-23.5%	160.2%	127.0%
Earnings yield	8.9%	19.4%	20.8%	9.1%	9.4%	9.1%	11.3%	11.4%
Enterprise value	-DKK 8.9B	-DKK 12B	-DKK 9.5B	-DKK 10.4B	-DKK 8.1B	-DKK 5.5B	-DKK 6.1B	-DKK 4.1B
Net debt / EBITDA	-21.63×	-20.81×	-16.45×	-38.93×	-31.07×	-27.86×	-29.81×	-25.92×
Cash conversion cycle (days)	-625	-395	-350	-1,733	-4,017	-1,744	-1,055	-781